Ripple, the San Francisco-based cross-border payment firm, has managed to move relatively 120 million XRP after the digital asset recorded about a 35% rally this week.
Going by new on-chain data from Whale Alert, the tracker of large transactions of cryptocurrencies from and to exchanges, the payments firm abruptly transferred 120 million XRP worth $58 million at the time of the transaction to a wallet of unknown origin.
Read Also: Over 900 Million XRP Moved by Whales and Ripple after Silicon Valley Bank Exposure
According to new on-chain data from whale-surveying service Whale Alert, the payments firm suddenly moved 120,000,000 XRP, worth about $58 million at the time of its transfer, from Ripple to an unknown crypto wallet.
Whale Alert tweeted, “120,000,000 XRP (57,669,946 USD) transferred from Ripple to unknown wallet.”
XRP, which is primarily used to make transactions on Ripple Labs’ network, is trading for $0.448 at the time of writing, a 4.2% gain during the last 24 hours and about a 35% increase from its seven-day low of $0.372.
Earlier this month, John Deaton, the lawyer representing over 75,000 XRP investors, said the lawsuit filed against Ripple by the United States Securities and Exchange Commission (SEC) for allegedly selling XRP as an unregistered security is edging toward a conclusion.
Read Also: Former Lawyer and XRPL Layer-2 Builder States Five Predictions for Ripple-SEC Lawsuit
At the time, Deaton said he expected the lawsuit to end within a few weeks, and predicted that the judgment would be against the SEC. However, he cautions that the judgment may not be an outright win for Ripple either.
John Deaton noted:
“I think the SEC is going to lose, but that doesn’t mean Ripple is going to get an outright win either. But I think the SEC is going to lose at summary judgment because of the theory that they went with…
“Normally, when you go after a promoter, you say ‘On this particular day, you made an unregistered securities offering or sale. And that particular transaction was a security, an investment contract.’ And now they’re saying that all sales of XRP – the token itself – is a security.”
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